Prakash Veenam

E-commerce seems so ubiquitous in our world today. From big online retailers like Amazon to  small businesses to people selling items on social media, buying things you need or may want  online has become an experience many can attest to. And still, this rapidly developed new form  of business is still a mystery to some.

Enter Prakash Veenam, a man who has made the second arc of his career into an expert on e commerce and its business practices. Originally serving in the Indian Navy, he climbed the ranks  as a competent leader mindful of his personnel and what they contribute to the team effort. After  his MBA in the US, he joined Maternova, an e-commerce business focused on supplying life saving medical equipment to women and children worldwide. Now, he works for Amazon- the  world’s most prolific online retailer.

Here is what he has to say about the world of e-commerce.

Everyone does at least some of their shopping online nowadays. As an expert in e commerce, Mr. Veenam, what do you think about that? 

It all boils down to how the global purchasing patterns have shifted over the past decade and a  half. I would say it is a huge paradigm shift. Previously, a person was dependent on physically  going to a brick-and-mortar store and spending a few minutes to upwards of several hours  depending on what they were shopping for.

Now, the same person can say: “Hey I want this item. I wonder if it is available on this  platform?” And then they go online and see that, compared to shopping in a physical store, the  selection of products is greater. And it takes less time to shop. This applies to every single item  you can think of.

It’s the convenience and portability of personal technology that has caused this shift in shopping  trends.

Convenience does seem to be the driving force behind a lot of advancements. 

That’s exactly it. E-commerce is just another type of business that has risen due to technology.  And its hallmark is the great flexibility of the common person in finding and using a large virtual  space filled with products. It’s made even more alluring with the ease of comparing pricing.

I would say that convenience is the underlying and ultimate power behind the success of e commerce as a business model.

In terms of advancing technology, this century has seen a meteoric rise in technological  developments. Is a similar pattern playing out in the field of e-commerce?

Yes, very much so. Like every industry, e-commerce too has its trends. We have innovations in  reaching out to customers. Working with other technologies that are also being developed and  combining them to get the best outcome. Like AI and social media.

So what do you do to stay ahead? How do you stay updated on all of these changes and  developments? 

I focus on the technology that works directly with e-commerce platforms. Currently, that is web  design, CRM (customer relationship management) systems, and SEO (search engine  optimization).

I attend forums and conferences. I keep track of organizations that are a step ahead in their  knowledge of the latest trends. You need to know who is providing this knowledge, and how they  are disseminating it.

Circling back to a comment you made earlier about social media. What exactly is the  connection between social media and e-commerce? 

Social media plays a huge role in terms of being a voice for a company or a person. You can use  these platforms to spread knowledge of products and services, what your business is about, your  mission and goals, whether you have an important message or not.

There are also those on social media who are what we call Key Opinion Leaders (KOL). For  example, experts in the medical field. They use their accounts to send information and messages  to communities worldwide.

When I was the CEO of Maternova, we partnered with these medical KOLs. They spread the  message that our platform was available in various regions. We didn’t have knowledge of  customer behavior in those regions. But the KOLs did. The results spoke for themselves.

What about company accounts? I’ve seen companies posting memes and relatable content  to promote their goods and services. 

You are one page ahead of me today!

Yes, company social media accounts are vital, especially for e-commerce based businesses. As  well as being part of several popular platforms. That way, customers learn about a business and  its products through many routes. It makes sure the company and what it sells are well known to  many people.

You talk a lot about people, their behavior, and so on. Can you talk some more about why  that’s important? 

It’s all people skills. The foundation for learning how to manage working with others, and  understanding how they behave.

Personally, I believe it stems from good family values. I grew up learning how to be honest,  loyal, and respectful. It is from my family that I learned empathy and sympathy. That intrinsic  understanding helped me in my professional life as I was developing my business acumen &  management skills.

It also reminded me to maintain good business ethics. The same way your morals show your  dependability to family and friends, having strong moral and ethical codes will earn the trust of  your peers and customers.

In general, having good people skills is good for any industry you enter into. But even more so  for e-commerce, because it is the behavior of people that will drive your business up or down.

And with those final words of wisdom, the conversation came to a close. Prakash Veenam had  much to say about online businesses and his career trajectory is sure to make him even more  wise on this topic. If nothing else, be sure to keep an eye on him in the future.